Despite the huge success of Bitcoin, it is already a known fact that one of the biggest problems of the most widely used digital crypto coin in the market is the negative environmental impact caused by the mining process.
According to various sources, one Bitcoin transaction takes the same amount of power that the average American household consumes in one month. Further, Bitcoin uses more energy than entire countries like Sweden or Malaysia. Ultimately, that was the catalyst for Elon Musk’s decision to drop Bitcoin after the founder of Tesla said Tesla would no longer accept Bitcoin because Bitcoin is bad for the environment.
And so, a new coin has recently emerged known as the Chin coin – the first energy-efficient token. In this short article, we’ll help you understand what a Chia coin is and how to buy it.
What is Chia (XCH) coin?
The Chia network was founded by Bram Cohen (who’s also the inventor of the BitTorrent network) in 2017 with one primary goal – to create a digital token that is more decentralized, efficient, and secure, and above all, has created an energy-efficient blockchain network that makes mining accessible to everyone and is less damaging to the environment. To get more details about the XCH coin, you can visit the Chia network site, this guide, and the Chia coin page on CoinMarketCap.
How to Buy Chia (XCH) Token – A Quick Guide
Purchasing Chia (XCH) tokens is straightforward but involves a few essential steps to ensure you do it safely and efficiently. Here’s a quick guide to help you get started:
- Choose a Reliable Exchange: To buy Chia tokens, you’ll need to use a cryptocurrency exchange that supports XCH. Some popular exchanges include Binance, Kraken, and Gate.io. It’s important to choose a reputable exchange with strong security measures and user reviews. You can check out CoinGecko’s list of exchanges to find a platform that meets your needs.
- Create and Verify Your Account: Once you’ve selected an exchange, you’ll need to create an account. This typically involves providing personal information and verifying your identity. Ensure you use a strong password and enable two-factor authentication (2FA) to enhance security.
- Deposit Funds: After your account is set up, deposit funds into it. Most exchanges allow you to deposit using fiat currencies like USD, EUR, or other cryptocurrencies such as Bitcoin or Ethereum. Follow the exchange’s instructions for making a deposit.
- Buy Chia (XCH): With your account funded, navigate to the trading section of the exchange. Search for Chia (XCH) and choose the trading pair that matches the currency you deposited (e.g., XCH/USD). Enter the amount of XCH you wish to purchase and execute the trade.
- Secure Your Tokens: After purchasing Chia tokens, it’s crucial to store them safely. You can keep them on the exchange, but it’s generally safer to transfer them to a personal wallet. Chia offers several wallet options, including its own official wallet, which you can download from the Chia Network’s website.
Final Word – Is Chia Coin Dead?
As of October 2024, many in the crypto community call Chia a dead crypto, a phrase that represents coins that are not likely to rise in value and attract attention. Indeed, Chia, which was a very trendy coin when it launched, is facing several issues, including a lack of trust from crypto investors.
Having said that, over the past month, Chia coin’s price increased from $10.7 to its current price of $15.2, an increase of almost 50% in less than a month.
So, is Chia coin dead? Probably not. Certainly, there’s not much development from the team right now, and the hype is low around this coin. At the same, the price says all. Chia is still alive.
